Rex and Kelsey are partners who share income in the ratio of 3:2. Their capital balancesare $95,000 and $140,000 respectively, on January 1. The partnership generated netincome of $40,000 for the year. What is Rex's capital balance after closing the revenueand expense accounts to the capital accounts?a. $71,000b. $119,000c. $146,000d. $111,000e. None of the above.

The capital accounts balance increase with the profits and investment and decrease with the losses…

Answered: Rex and Kelsey are partners who share…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The net income of the Chris and Browning partnership is $440000. The partnership agreement specifies that Chris and Brow a salary allowance of $125000 and $171000, respectively. The partnership agreement also specifies an interest allowrance of capital balances at the beginning of the year. Each partner had a beginning capital balance of $ 294000. Any remaining net inc net loss is shared equally. What is Chris's share of the $ 440000 net income? $197000 $154400 $167600 $114600 Attempts: 0 of 1 used
Matthews, Williams, and Shen share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the capital accounts are as follows: Matthews, $28,000 Cr.; Williams, $62,500 Cr.; Shen, $18,000 Dr. a. What term is applied to the debit balance in Shen’s capital account? b. What is the amount of cash on hand? c. Journalize the transaction that must take place for Matthews and Williams to receive cash in the liquidation process equal to their capital account balances. Liquidating partnerships— capital deficiency
Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their capital balances are $89,700 and $78,000, respectively. The partnership generated net income of $43,000. What is Tomas's capital balance after closing the revenue and expense accounts to the capital accounts?
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The capital accounts of Heidi and Moss have balances of $90,000 and $65,000, respectively, on January 1, the beginning of the current fiscal year. On April 10, Heidi invested an additional $8,000. During the year, Heidi and Moss withdrew $40,000 and $32,000, respectively. Revenues were $540,000 and expenses were $420,000 for the year. The articles of partnership make no reference to the division of net income. Required: 1. Prepare a statement of partners' equity for the partnership of Heidi and Moss. If an amount box does not require an entry, leave it blank. Enter all amounts as positive numbers. Heidi and Moss Statement of Partners' Equity For the Year Ended December 31 Heidi Moss Total Capital, January 1 $fill in the blank 7e8152f83026faf_2 $fill in the blank 7e8152f83026faf_3 $fill in the blank 7e8152f83026faf_4 Additional investment during the year fill in the blank 7e8152f83026faf_6 fill in the blank 7e8152f83026faf_7 fill in the blank 7e8152f83026faf_8…
A and B formed a partnership, investing $340,000 and $180,000, respectively. year's net income of $600,000 Sharing ratio: 4:1 Distribute the net income of each?
Domestic
please help me
Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their capital balances are $80,000 and $120,000, respectively. The partnership generated net income of $30,000. What is Saturn's capital balance after closing the revenue and expense accounts to the capital accounts?
Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their capital balances are $40,000 and $60,000, respectively. The partnership generated net income of $20,000. What is Saturn's capital balance after closing the revenue and expense accounts to the capital accounts?

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